"Today’s meeting of the Bank of England’s rate setting Monetary Policy Committee is now expected to hike interest rates for the third time in as many meetings.

The market is in little doubt that the Central bank is serious about trying to bring inflation back under control. However, it doubts its ability to do so, given the issues being faced by the economy.

The meteoric rise in energy prices that began even before Russia invaded Ukraine is one of several issues that need to be considered today.

Bank of England Governor, Andrew Bailey may even be justified in commenting that the oil price rise may be considered temporary unless the war in Ukraine carries on for a considerable time.

He is, however, unlikely to fall into that trap again given the criticism he faced over the way prices were affected by the bottlenecks created by the lockdowns.

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Beyond Currency Market Commentary:

Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.